48: How to Report Crypto Taxes

Three things are certain in life. Death, Taxes, and 21 Million Bitcoin.

We have some tips for you when doing your crypto taxes. These tips come from years of experience of making mistakes with crypto taxes, followed by the discovery of a platform that does it all for you. At the top of the list of priorities, is keeping your portfolio organized. Tune in for this totally necessary discussion on crypto taxes.

 

Mentioned in episode:

- Koinly for doing crypto taxes - https://koinly.io/?via=60F1CFFC

- Keegan's private Newsletter on paying crypto taxes - https://keeganfrancis.substack.com/p/paying-crypto-taxes

- Bonus newsletter on filing taxes with Koinly - https://keeganfrancis.substack.com/p/bonus-koinly-tax-exports

 

The following are details you need to maintain for filing crypto taxes:

1. Timestamp of the transaction (Date + time)

2. Type of Transaction (Trade, Transfer, Income)

3. Two assets involved in transaction (eg. USD/BTC)

4. Fees paid to facilitate transaction

5. The price of the 2 assets in your local currency at the timestamp

 

(02:19) - Crypto is treated as a commodity for tax purposes in Canada

(04:43) - When does Crypto constitute taxable income?

(08:01) - What information should you record while trading Crypto?

(15:00) - What we did last year to report taxes

(21:14) - Complications while trying to report taxes

(25:31) - Dealing with and reporting capital losses

(30:35) - Summary of 5 things you need to track to report taxes for crypto 

(32:55) - Outro and Socials

 

Edited and Mixed by Kaushik Sethunath.

Visit the Go Full Crypto website at: https://www.gofullcrypto.com